Hello amazing readers and subscribers, it’s good to have you here. If you just stumbled upon this blog, a warm welcome to you as well. Please feel free to subscribe for future publications. Locate a subscribe button on the sidebar, add your email address, click on subscribe and an email will be sent to your mailbox (could lend on spam/junk folder). Open the email and confirm by clicking the link. Please be assured that your email address will never be used for spam emails but only for notifying you of a new publication whenever there’s one.
What channel and why?
A few years ago in 2013, I decided to start this blog to share my trading experiences and also to share realistic and practical Forex trading tips that I believe anyone can use. I must say, I never expected so much growth in terms of getting my message across. It has been a great pleasure to be able to change people’s mindsets and how they view Forex trading through this blog. I am totally grateful to you as well for subscribing, reading and sharing the blog posts. You have played a big role in growing this blog. I am forever grateful.
I have started a podcast not only because I love talking (Of course I love talking, I really do) but because I thought it will also be another great and awesome way to share my message and also to put the voice behind all this writing that I’ve been doing here. As a teacher/mentor & coach, I have learned through my mentees that some people get the message better through listening than reading.
What Will The Podcast Focus On?
The podcast is to tell you more about my personal journey, who I am and why do I do what I do. You can listen to the podcast introduction HERE. The main aim of it is to help new traders to understand more about Forex trading and also just to learn from my personal mistakes that I will be sharing. It is not only for new traders, but for anyone who have ever found valuable information from this blog. I have already shared some of the mistakes that most traders are likely to make. You can listen to the episode HERE and kindly follow/subscribe for future episodes. Thank you so much for stopping by and happy trading.
FSCA : Financial Sector Conduct Authority formerly known as Financial Services Board (FSB) is the regulatory body of financial institutions that provide financial services and offer financial products. These institutions include banks, insurers, market infrastructures and retirement funds/administrators. They are all licenced in terms of the financial sector law.
What Is The Main Responsibility of FSCA?
The FSCA supervises and regulates the conduct of financial institutions. They also help to protect the financial customers by ensuring that they get fair treatment from financial institutions. Their mandate is to enhance, maintain and support the efficiency and integrity of the financial markets. The FSCA also provides financial education and issues warning statements about financial institutions that are under investigations or have their licence withdrawn etc. You can read all about their media release on their website HERE, who knows, you might just see your current financial institution on the news. Those financial services who are treating customers unfairly and breaking the law, are severely dealt with.
Why This Blog Post?
Sometime last week, a story broke out about how the Minister of Finance said Forex trading is illegal in South Africa (which was clearly incorrect information/fake news). From the comments that I was reading online regarding the story, I realised that most people are not aware that they have rights and access to call and verify any financial markets related news with the regulatory body. I obviously did that and spoke to them and they confirmed that if there’s any news like that, it would have been on their website since they are the one who regulate the industry.
It also didn’t make any sense to have a whole minister of finance talking to a newspaper publication about illegalizing Forex trading before speaking to the regulators. I also get a lot of emails, WhatsApp texts and other social media inboxes from people who are scammed by companies simply because they had no information on how to check if those companies are authorized to offer Forex and other types of investments. I then decided to post this information here to educate more people about FSCA because sharing information is my calling. I am hoping that you’ll be kind enough to help me spread this information to as many people as possible because it might save lives. Below are the instructions on how to check if your Forex broker or any other financial institution is authorised to offer the services that they currently offer. Go to the official FSCA website by clicking HERE and follow the steps below.
For the safety of your funds, never trade with an unauthorized broker or give your money to any unauthorised institution or individual, even if they show you their FSP number, always confirm and verify with FSCA if they are authorised to handle public funds. Most Forex Brokers or companies are offering services that they are not authorised to offer. On the last step (step 9) click on “here“ and you’ll find more information on the products. To get to “here” you can click on “key individuals”. If anything confuses you about the products, you can call FSCA or email them.
The broker that I used for demonstration, is one of the brokers that I trade with. I also wrote a review on them. You can check out the review post HERE and if you wish to open an account with them, you’ll find a link on that post and feel free to WhatsApp me for assistance should you get stuck (WhatsApp details at the bottom of this post). Some brokers are trading under a different name. If that is the case, the information should be on the broker’s website and you can still get the FSP number from the website and verify it, the name that they trade under, will definitely show up when you check their FSP number.
I wrote another review on one of the biggest brokers who are also trading under a different name. You can view the post HERE and if you wish to open an account with them, there’s a link on the post to register. I personally trade with both brokers. I hope you found some value in this post. Kindly help me to reach out to as many people as possible by sharing it. Thank you for stopping by and please stay safe. Don’t forget to download the App on Google Playstore to have this content at your fingertips
Hello, welcome back. I hope you are still keeping well and safe during these times, I am also just trying my best to stay alive. In S.A we just moved to alert level 1 of lockdown and our economy is slowly reopening, we are only praying and hoping for the best. OK, I have been answering this question about whether Forex trading is something worth trying or not.
Why Did I Start This Blog?
The aim of this blog is to provide practical and realistic tips and content that can be used by anyone. I am not here to give any form of financial or investment advise. I am basically just listening to the public’s frequently asked questions and answer through these articles. A few weeks ago, I published a blog post addressing the issue of untrustworthy Forex investments and that was after my email and social media were flooded with people asking me a lot regarding these investments. Most people were actually crying.
Why This Topic?
Since lockdown started, most people found themselves working from home and some people actually lost their jobs. There’s been a lot of uncertainty since Covid-19. Most people are constantly looking for alternative ways of making an income. Because of the current situation with Covid-19, the online world has really become an obvious option. Let me try to answer this question in a practical and a realistic manner like I always try to do.
You’ve been thinking about venturing into Forex trading lately. You hear your friends or your colleagues talking about trading and telling you how you can make a lot of money working from home, there’s a lot being said about the unemployment rate and folks on social media are also out there telling you how you can fire your boss in six months etc. You read about it on social media, you see it everywhere, you join every group of Forex traders on Facebook, and you even get those overwhelming inboxes from people who stay overseas (you know those people who are inboxing you daily and they want to turn you into a millionaire, they inbox me too because they never bother to check the profiles, all they want is to get to their next victim’s pockets) You are now thinking that you can actually be a millionaire by next year if you can start as soon as possible, WAIT!!! Let me give you a lesson or two on this subject and then you can decide.
Can Someone Really Make A Million Trading Forex?
Yes, definitely, there’s no lie there, but it won’t just happen though. There’s a process, some learning and investing money that should happen before you get there. Your earning potential is also highly linked to your start up capital. You can ask me all about it via WhatsApp (see the WhatsApp feature at the bottom of this post and chat with me)
Who Can Trade Forex?
Whether you have a full-time job, you’re a business owner, a student, a stay at home mom with no degree, whether you are male or female, you can. The flexibility of financial markets will meet your needs allowing you to trade at the set time that suits you as an individual since the markets are open for 24 hours/5 days a week. The age has caught up with the markets and trading has now shifted from the floor to the computer network which makes it easier for anyone to participate. It is a skill that anyone can learn with absolutely no need for any financial or economics background.
Who Should Stay Away From The Markets?
We all know that nothing is ever suitable for everyone, that’s not how the world works. A person who is looking for a quick buck without putting in any effort should deal with that first before venturing into Forex trading. A person who refuses to work on themselves and is always looking for things or people to blame whenever things don’t go right. A person who has a serious gambling problem. All the above mentioned are the things that can be changed though with the help of a good mentor & coach (that’s what I deal with sometimes) As long as you are willing to unlearn these habits and be coachable, you can get through such issues and start your trading career. I have helped a lot to overcome such issues.
Is There Any Risk Involved?
Of course, a big YES, there is a risk in trading just like risk is everywhere, but as with every other business, risk should always be calculated, and definitely it can be. That is why one needs to invest in education and acquire proper knowledge before investing some money. With proper money management skills, risk can be calculated. I recently published a blog post on this subject, you can check it out HERE. We cannot control the markets, but we can definitely control ourselves. The past few years of being in the markets have taught me that failure is mostly as a result of lack of self control and greed. For that reason, my coaching focuses more on trading psychology. I believe that if we can manage ourselves, we can manage our money.
Yes, Forex trading is worth trying as long as you can get education, mentorship & coaching. I hope this helps. Thank you for stopping by. Please kindly share this post with anyone that you think might need this content. For private lessons, mentorship & coaching, you can check HERE and grab your 20% OFF special for my last training sessions of 2020. Please stay safe and know that we are supported and there’s life after Covid. Keep the faith. You can also download our mobile App on Google Playstore so that you don’t miss out on weekly tips on trading psychology.
The markets have been very sleepy lately. It is known that the month of August is a very slow moth for trading. This week we have the most watched economic news from the United States. They’ll be releasing their 9th employment stats otherwise known as Non-Farm Payrolls (NFP) on the 4th of September together with their unemployment rates and earnings.
We now have an app where you can access these blog posts at your fingertips. I recently started posting weekly tips on the App that are mainly focusing on Forex trading psychology. The main aim is to help you shape your mindset and gear it up for better trading experiences. The weekly tips are posted exclusively on the app. You can download the app on Google Playstore and make sure that your device allows push notifications to be notified whenever a new weekly tip on Forex trading psychology to improve your trading is posted. Thank you so much for stopping by. Please feel free subscribe for future publications and kindly share this post to reach more traders who may benefit from this content. Below is our weekly economic news to watch this week.
Money management refers to the set of rules that we (traders) set for our trading accounts. These rules involve things such as when to exit a loosing trade or cut our losses. So basically it is about how much we are willing to risk in our accounts per trade. I always say that as much as we cannot control the markets, there are a lot of other things that we can control. We can control ourselves, which is the most important part of trading. I recently published a blog post on trading psychology, you can read it here. Controlling ourselves in the markets can be very challenging, but it is something that can be achieved as long as we are willing. It is even better with the help of a mentor or a coach.
How to avoid losses?
You cannot avoid losses in trading, losses are a part of the whole process. If you hear someone saying that you can avoid losses, they are probably trying to sell you some “amazing system”, run (with your bank card). The only way to avoid losses is to stop trading altogether. Because I know for sure that losses do occur, I wrote a post on how to recover from a draw-down. The good news though is that we can control the losses through using a tight money management strategy which will ensure that whenever you encounter losses, they should not exceed your gains. I am a very simple girl who loves to simplify everything. Whenever I do a lesson on money management with my mentees, I don’t use any complicated calculators but I teach them how to view their accounts. Below I will be going more in depth with how to view your trading account.
View your trading account as a business
I know very well that opening a trading account does not qualify one as a business owner. I also know that there’s absolutely nothing that can stop you from viewing your trading account as a business, so start right away to view it as a business. When you view your trading account as if you just opened a small business, you’ll be likely to implement all the principles that we implement when opening a business. Everything works better if you work it our in your mind first. I don’t know any business owner who opens a business and completely ignores the running costs (I know I don’t). If your business is about selling food (of course I’ll say food because I love food) you are not going to just attach a price to your plates without thinking about the cost of cooking that food.
When it comes to your trading account, you must also manage your money like you’d manage the money in a business. Mind your lot size, spreads and know the currencies and other financial instruments that are a bit expensive for your trading capital etc, just like you’d always try to calculate your costs in a business. Unfortunately, I cannot explain more on that through a blog post but I definitely do in detail through my mentorship program.
How do you know if your money management is tight enough?
This will depend on many factors like how you trade, how often do you trade, the lot size that you trade, the instruments that you trade and the time frames that you trade etc (at least that is how I look at it, it could be different for someone else). Some traders operate on a fixed money management which means risking the same percentage for all your trades no matter the volume and some do prefer to adjust the percentage according to the volume and an instrument traded. Whatever you choose to do, managing your money well in your trading account starts with understanding the costs. You may like this post about margin call which occurs due to poor money management. I am so sorry that I did not share any position calculator or system. Like I said in the beginning, I am a very simple girl and with me, simplicity always wins.
If you can manage yourself well and view your trading account as a business, you can definitely manage your money very well and never have to experience margin call. Forex trading psychology is that one areas that I focus the most on. I recently started posting weekly tips on the App that are mainly focusing on Forex trading psychology.
The main aim is to help you shape your mindset and gear it up for better trading experiences. The weekly tips are posted exclusively on the app. You can download the app on Google Playstore and make sure that your device allows push notifications to be notified whenever a new weekly tip on Forex trading psychology to improve your trading is posted. Thank you so much for stopping by. Please feel free subscribe for future publications and kindly share this post to reach more traders who may benefit from this content.